Ghana’s Economy Grows by 6.9 Per Cent In Q2 2024 – GSS Report

Joy ChukwuSeptember 19, 20241 Mins read36

Image Source: Business Week Ghana

Ghana‘s economy grew by 6.9 per cent in the second quarter (Q2) of 2024, a notable increase from 2.5 per cent during the same period in 2023, according to the Ghana Statistical Service (GSS). This growth rate is also higher than the 4.7 per cent recorded in the first quarter of 2024.

The key drivers of this economic performance were the mining, quarrying, crops, information and communication, construction, and manufacturing sectors. Without oil and gas, the non-oil GDP growth for the quarter was 7.0 per cent, compared to 3.1 per cent the previous year.

The GSS report highlighted that the Services sector remains the most significant contributor to the economy, making up 44.2 per cent of the GDP. The Industry sector contributed 32.2 per cent, while Agriculture accounted for 23.6 per cent. Industry showed the most year-on-year growth, with a 9.3 per cent increase, mainly due to a 14.8 per cent rise in mining and quarrying activities. The Services sector grew by 5.8 per cent, and Agriculture by 5.4 per cent.

Among the sub-sectors, Crops saw a 6.4 per cent year-on-year increase, while Forestry and Logging experienced a decline of 5.2 per cent. In the Industry sector, water supply and waste management contracted by 9.6 per cent year-on-year. Information and communication in the Services sector showed the highest growth, expanding by 12.8 per cent, while other personal services declined slightly by 3.1 per cent.

Ghana’s economic performance is positive as it continues to restructure its debt and strengthen critical sectors.

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